Zenergize Technologies has raised USD 4 million in a Pre-Series A funding round as the Indian deep-tech company looks to expand manufacturing, accelerate research and development, and scale its SiC Power Electronics business.
The round, which combines equity and venture debt, was led by Giraffe Studios, with participation from a group of industrial entrepreneurs and existing investors. Giraffe Studios has also increased its existing investment in the company.
The fundraise comes after a year of commercialisation in which Zenergize says it reached an annual revenue run rate of ?30 crore and built an order book of more than ?150 crore. The company is now targeting an annual revenue run rate of more than ?100 crore in its next phase of growth.
Funding to expand manufacturing and engineering
Zenergize plans to direct the new capital towards increasing manufacturing capacity, strengthening its engineering and R&D teams, and expanding its sales and service network across India.
The company is also building the operational capabilities required to work with larger enterprise customers and OEMs. The focus reflects a shift from proving the technology and achieving initial commercial adoption to scaling production and deployment.
According to Zenergize, demand has already begun to outpace its current production capacity, making manufacturing expansion a key priority for the business.
The company also wants to use the funding to develop power electronics products that can compete in international markets while continuing to design and manufacture them in India.
Industrial investors join Zenergize’s next growth phase
The funding round brings together investors with backgrounds spanning industrial manufacturing, engineering, supply chains, financial services and the power sector.
The investor group includes Nikhil Sawhney of Triveni Turbine, Varun Agarwal of Ellenbarrie Industrial Gases, Shyam Bagri of Bagrry’s Holdings, Raoul Bajaj of Trafigura, angel investor Sunil Kalra, Ajith Pai, former COO of Delhivery, Sandeep Barasia, former CBO of Delhivery, Nitin Jain, Managing Director of Neo Group, and Hemant Daga, CEO of New Bank, along with other angel investors and existing backers.
For Zenergize, the investor base brings more than capital. The company expects the industrial experience of its backers to support manufacturing scale-up, supplier relationships and expansion across the renewable energy and electric mobility sectors.
Himanshu Aggarwal, Co-founder of Giraffe Studios, said the investor focuses on deep-tech companies developing core technologies and addressing significant market gaps. He added that Zenergize’s technology and commercial progress fit that investment approach.
Building an indigenous SiC power electronics platform
Zenergize has developed what it describes as India’s first indigenous SiC-based DC fast charger and solar inverter platforms, which have moved into commercial deployment.
Its product portfolio currently includes solar inverters along with AC and DC EV chargers, with DC charging solutions supporting capacities of up to 240 kW. The company’s EV chargers have received automotive certifications, while its solar inverter products have secured BIS certification.
The company is now extending its technology platform into hybrid inverters and Battery Energy Storage System (BESS) inverters.
Zenergize’s approach covers the wider power electronics stack, including hardware, firmware, embedded software and digital control systems. This gives the company greater control over product development and allows it to engineer solutions around the operating conditions found in India.
Products Designed for Indian grid
Silicon Carbide is becoming increasingly important in high-efficiency power conversion applications because of its suitability for high-frequency switching, high-voltage operation and demanding thermal environments.
For applications such as EV charging, solar power conversion and energy storage, these characteristics can help developers build more efficient and compact power conversion systems.
Zenergize is positioning its SiC technology around a more specific requirement, products designed for Indian grid, climate and operating conditions.
That approach is particularly relevant as India expands renewable energy generation, electric mobility and energy storage infrastructure. The company believes locally developed power electronics can improve efficiency and cost competitiveness while reducing reliance on technologies designed primarily for other markets.
Next phase includes hybrid inverters and BESS
The new funding will also support the expansion of Zenergize’s product pipeline. Hybrid inverters and BESS inverters are under development as the company looks beyond EV charging and solar inverters towards a broader power conversion and energy management portfolio.
Energy storage is becoming an increasingly important component of renewable energy systems as utilities, commercial users and other customers seek greater flexibility in managing intermittent generation.
For Zenergize, entering the BESS inverter segment could therefore extend its existing power electronics capabilities into another part of the energy transition.
Scaling Indian technology for global markets
Navneet Daga, Co-founder and CEO of Zenergize Technologies, said the company’s experience over the past year has shown that advanced power electronics can be developed, manufactured and commercially deployed in India.
The next stage will focus on expanding manufacturing capacity, strengthening engineering capabilities and developing customer partnerships that can support larger-scale deployment.
Dr. Veer Karan Goyal, Co-founder and CTO, said the company is also focused on accelerating its product pipeline across hybrid inverters, BESS and other next-generation power electronics platforms.
The company operates a pan-India service network covering installation and after-sales support, which will become increasingly important as its installed base grows.
Zenergize targets ?100 crore revenue run rate
With its current ?30 crore annual revenue run rate and substantial order pipeline, Zenergize is entering a new phase where manufacturing capacity could become a key determinant of growth.
The company is targeting an annual revenue run rate of more than ?100 crore in its next phase, supported by additional manufacturing capacity, product expansion and a larger sales and service footprint.
The broader opportunity extends beyond one company. As India builds out EV charging infrastructure, solar generation and energy storage, demand for efficient power conversion technologies is expected to grow.
Zenergize is betting that indigenous SiC-based power electronics can play a larger role in that transition, with the latest funding providing the capital to move from early commercial success towards manufacturing scale.
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